Investors have reportedly disputed the sales practices of securities broker Richard Michael Ciraco [CRD: 825969, New York, New York], based on public information on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Evidently, Ciraco has worked for J.P. Morgan Securities LLC since June 6, 2002, and has also been registered as an investment adviser with the same firm since April 4, 2024. Read below for details about Ciraco’s disclosures and the allegations made against him.
Particularly, on June 26, 2025, a J.P. Morgan Securities LLC client filed FINRA Arbitration No. 25-01215 about Richard Ciraco. Primarily, the client alleged that Ciraco made unsuitable recommendations concerning margin accounts and 529 accounts. For this reason, the investor allegedly sustained damages associated with mutual funds. Therefore, the client requested $450,000 in compensation from J.P. Morgan Securities LLC or Ciraco. It appears that this arbitration is pending a resolution.
Additionally, a client of Bear Stearns Co. Inc. disputed Richard Ciraco’s sales practices, according to a complaint. Allegedly, Ciraco caused the client to sustain poor performance on auction rate securities. As a result, Bear Stearns Co. Inc. opted to settle the matter on June 2, 2009, by compensating the client $6,940,000.
Do you have concerns or questions regarding investments you made with Richard Ciraco? Contact Soreide Law Group online or at (888) 760-6552 and consult with a securities attorney about a potential recovery of your investment losses. Soreide Law Group has recovered losses for investors throughout the United States. Also, the firm takes cases on a contingency fee arrangement and advances all costs. Ciraco and brokerage firms he worked for deny allegations of sales practice violations.
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